What Chapter is Right for Me?

Orange County Bankruptcy Attorney

Many individuals facing bankruptcy feel that they have nowhere to turn for help.  There may be many questions that need to be addressed in a small amount of time.  That is why it is so important for anyone in financial difficulty that may be considering bankruptcy to speak with an Orange County bankruptcy attorney from the firm immediately.  When creditors are calling constantly and everyday life has become too burdensome due to unpaid debts, one may start to feel that normal life is just a memory.  Fortunately, there are highly skilled and experienced attorneys that can help those individuals that have fallen of track to regain their life.  Federal bankruptcy laws give many people back their lives.  Living without constant financial trouble may seem like a faraway dream, but it is possible.  Bankruptcy is still the answer for many individuals out there.  The main question that comes up is: which type of bankruptcy is right for me? 

Bankruptcy Lawyer in Orange County

When the situation gets rough, it is often in one's best interests to speak with a bankruptcy lawyer at one's earliest convenience.  Many people wonder what the difference is between Chapter 7 and Chapter 13 bankruptcy.  The best thing to do is speak with an attorney, however, the following descriptions may help answer that question. 

Chapter 7 bankruptcy is commonly referred to as liquidation bankruptcy.  It is usually done by individuals or couples but businesses can also file for Chapter 7.  The end result of Chapter 7 bankruptcy is discharged debts.  This allows one to have a clean slate on finances.  You are provided exempt assets that may not be liquidated.  Many people find they are able to keep many of their assets.

Chapter 13 bankruptcy is centered on debt reorganization rather that eradicating the debt entirely.  Many people merely require a lower monthly payment in order to pay off their debts.  Chapter 13 is perfect for those that can continue to pay a lower rate.  It can also halt foreclosure and any lawsuits against the individual.

Contact an Orange County bankruptcy attorney from the firm today.